The market is up again this morning… the Dow Jones is very close to going positive on the year… the S&P 500 and NASDAQ are already up on the year.
Xpeng is a Chinese electric vehicle manufacturer, which IPO’d yesterday on the New York Stock Exchange. In our opinion, it is going to be a hot IPO for two reasons. One, there are many electric vehicle manufacturers that have gone public through a SPAC or traditional IPO. Many of these companies have seen their share prices jump on pure hype. These names include Tesla, Nikola, SPAQ, SHLL, DPHC, and HCAC. Two, Xpeng is actually producing cars in China, where a lot of these companies are based on preorders so far, Xpeng is in direct competition with Tesla.
Xpeng expects fully autonomous driving in its new model of the P7 by 2021, and they expect this new sedan to be its main source of revenue. The P7 is a four-door sports sedan, and they have sold about 2,000 so far.
One added bonus… the car looks very smooth.
Also, Walmart announced that they will be working with Microsoft on the Tik Tok deal, which comes to many people’s surprise. Right when I saw that CNBC notification I bought Walmart at $132 beating the hype, which has the share price at $139 this morning.
Finally, our stock talk from yesterday, Abbott Labs, struck a deal with the government for 150 million of their 15-minute tests. Shares rose on the news.